Plains Gp Holdings, L.p. · NASDAQ:PAGP
Plains Gp Holdings, L.p — Q3 2025 Earnings Presentation
20 slides from Plains Gp Holdings, L.p's earnings presentation, Nov 5, 2025
Slide 1: 3Q25 Earnings Call
3Q25 Earnings Call November 5, 2025
Slide 2: Forward-Looking Statements & Non-GAAP Financial Measures Disclosure
Forward-Looking Statements & Non-GAAP Financial Measures Disclosure ▪ This presentation contains forward-looking statements, including, in particular, statements about the performance, plans, strategies and objectives for future operations of Plains All American Pipeline, L.P. (“PAA”) and Plains GP
Slide 3: 3Q25 Results & Key Highlights
3Q25 Results & Key Highlights Narrowing guidance range and executing bolt-on framework Solid $669 $593 / $70 Execution 3Q25 Adj. EBITDA 3Q25 Crude / NGL Attributable to PAA ($MM) Adj. EBITDA ($MM)(1) Full-Year $2.84 - $2.89 3.3x Guidance Adj. EBITDA(2) 3Q25 Leverage Ratio(3) Attributable to PAA ($Bl
Slide 4: EPIC / Cactus III Acquisition Overview
EPIC / Cactus III Acquisition Overview Multiple ways to win with improved flexibility for our customers EPIC Acquisition Overview ▪ Plains acquired remaining 45% operated interest in EPIC Crude Holdings, LP. for ~$1.33 billion from a portfolio company Transaction Highlights of Ares Private Equity fu
Slide 5: Key Drivers: 2Q25 to 3Q25
Key Drivers: 2Q25 to 3Q25 Crude Oil Adj. EBITDA NGL Adj. EBITDA +$27 $(14) $580 $593 Contract Higher Volumes / Resets Tariff Escalations / Bolt-on Contributions $87 ($16) ($1) $70 Lower Sales Other Volumes 2Q25 2Q25(A) POPB, CanCrude, Acquisitions Other, LH 3Q25 3Q25(A) 2Q25 2Q25(A) NGL Commodities,
Slide 6: Key Drivers: 3Q24 to 3Q25
Key Drivers: 3Q24 to 3Q25 Crude Oil Adj. EBITDA NGL Adj. EBITDA +$37 ($21) $577 $593 Lower Higher Volumes / Commodity Tariff Escalations / Prices / Bolt-on Contributions Contract Resets $73 ($3) $0 $70 Lower Other Sales Volumes 3Q24 3Q24(A) Acq, POP, Outside, L-H Other, CAN, PLA, Terminals 3Q25 3Q25
Slide 7: 2025 Guidance
2025 Guidance Updated for lower WTI, YTD performance and EPIC contributions Financial ($MM, except per-unit metrics) 2025(G)(1) Adjusted EBITDA attributable to PAA $2,840 - $2,890 Crude Oil (incl. ~$40MM benefit from EPIC) 2,365 NGL 485 Other 15 Distributable Cash Flow available to Common Unitholder
Slide 8: Transition to Crude Oil Pure Play
Transition to Crude Oil Pure Play 4Q25 serves as baseline level for Crude Oil EPIC NGL Business Future Crude Oil(2) Acquisition Divestiture Drivers (Adj. EBITDA, $MM) November 2025 First Quarter 2026 2026+ $2,365 (3) $2,276 $2.9 Bln combined $3.0 Bln net proceeds Full year valuation including after
Slide 9: Strategy Underpinned by Long-Term Constructive Fundamentals
Strategy Underpinned by Long-Term Constructive Fundamentals Delivering on capital allocation framework and efficient growth strategy Delivering on Multi-year Executing on Oil Markets: Capital Allocation Efficient Growth Near-term Volatile Framework Opportunities Long-term Constructive Generated cumu
Slide 10: Appendix
3 PLAINS Appendix NASDAQ: PAA & PAGP
Slide 11: Current Financial Profile
Current Financial Profile 12/31/24 9/30/25 Balance Sheet Short-Term Debt(1) $408 $1,011 Long-Term Debt 7,213 8,441 Total Debt $7,621 $9,452 Less: Cash & Equivalents(2) 347 1,180 Net Debt $7,274 $8,272 Preferred Equity (50% Debt Treatment) $1,151 $1,017 Total Leverage $8,425 $9,289 Adj. EBITDA Attrib
Slide 12: Quarterly Crude Oil Detail
Quarterly Crude Oil Detail Adj. EBITDA & Volumes Quarterly Pipeline Tariff Volumes (Permian / Other) (Mb/d) Permian Gathering Volumes (Mb/d) (Adj. EBITDA, $MM) 2,436 2,393 $576 $577 $580 $593 2,193 2,237 2,222 2,182 2,217 $553 $563 $553 $569 $559 2,145 2,172 3,041 3,139 3,198 2,854 2,820 2,842 2,941
Slide 13: Crude Oil Detail
Crude Oil Detail Capturing growth via operating leverage & bolt-on acquisitions Regional Breakdown Canada / Tariff Volumes (Mb/d) 2023FY 2024FY 2025(G) Rocky Mountain / Gathering 2,643 2,895 3,130 Western 15% Intra-Basin 2,210 2,305 2,350 Long-Haul 1,503 1,531 1,820 (2) South Texas / Total Permian 6
Slide 14: NGL Detail
NGL Detail C3+ Frac Spread largely hedged for 2025 Unhedged C3+ frac spread 10% ▪ Fee Based Overview o Third-party throughput(1): fractionate, store, and transport Fee Based (~50 Mb/d not included in reported NGL sales) 2025(G): 45% 45% +/- $485MM(4) o Net purchased volume (purity and Y-grade): tran
Slide 15: NGL Frac Spread & Hedging Profile
NGL Frac Spread & Hedging Profile C3+ Spec Product Sales(1) (Mb/d) Hedging Profile: 2023 – 2025(G) 70 (table data reflects full-year averages) 2023 2024 2025(G) 60 59 Associated with the transition to C3+ Spec Product Sales(1) (Mb/d) 52 59 +/- 47 52 “Fee Based” Unhedged % of C3+ Sales Hedged(2) 87%
Slide 16: Quarterly NGL Detail
Quarterly NGL Detail Adj. EBITDA & Volumes Propane & Butane Sales Volumes Quarterly (Mb/d) (Adj. EBITDA, $MM) Seasonally stronger sales / earnings in winter months (Q1 & Q4) 147 125 128 127 $189 54 59 54 $169 44 48 $159 $154 $99 $94 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 $87 $73 $70 Fractionat
Slide 17: Adjusted Free Cash Flow: Historical Detail
Adjusted Free Cash Flow: Historical Detail GAAP CFFO to Non-GAAP Adj. FCF Measures 2023 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 YTD Net Cash Provided by Op. Activities (GAAP) $ 2,727 $ 419 $ 653 $ 692 $ 726 $ 2,490 $ 639 $ 694 $ 817 $ 2,150 Net Cash Used in Investing Activities(1) (702) (261) (157)
Slide 18: PAGP - Condensed Consolidating Balance Sheet
PAGP - Condensed Consolidating Balance Sheet September 30, 2025 December 31, 2024 Consolidating Consolidating PAA Adjustments (1) PAGP PAA Adjustments (1) PAGP ASSETS Current assets (2) $ 5,583 $ (6) $ 5,577 $ 4,802 $ (26) $ 4,776 Property and equipment, net 14,143 — 14,143 13,446 — 13,446 Investmen
Slide 19: Definitions
Definitions ▪ Adjusted EBITDA: adjusted earnings from continuing and discontinued operations before interest, income tax (expense)/benefit from continuing and discontinued operations, depreciation and amortization from continuing and discontinued operations(1) o Attributable to PAA throughout slides
Slide 20: 3Q25 Earnings Call
3Q25 Earnings Call November 5, 2025